Iraq has the right to withdraw part of the cash reserves in the Development Fund for Iraq.
BAGHDAD / NINA / banks’ manager in the Ministry of Finance, Hilal Taan said that Iraq could withdraw money from the cash reserves in the Iraqi Development Fund for Iraq / DFI / deposited in the Federal Bank of the U.S.
Taan said in a statement to the National Iraqi News Agency / NINA /: “Iraq has the right to withdraw part of the money provided signature of the Minister of Finance and Prime Minister only on the amount to be withdrawn.”
The Development Fund for Iraq was established under UN Security Council Resolution 1483 in May 2003 to keep the Iraqi funds away from the claims of creditors, States and their companies.
The media talked about that the Iraqi government is not able to act in cash reservoir abroad because it is deposited in the Central Bank of the U.S.
The media noted that the Federal Bank of the U.S had already agreed with the United Nations and the Central Bank of Iraq to reject the transfer of any amount outside the framework of the budget. / End